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From: Stewart Oldfield Sent: 7/15/2016 3:07:23 PM To: Richard Kahn I Subject: RE: Recent OB Publications on Post-Brexit View and Italian Banks I thought you were getting these regularly already, so apologies that you haven't been since Paul left. You'll see stuff like this from me monthly or so. Thanks From: Richard Kahn [maincl l Sent: Friday, July 15, 2016 2:35 PM To: Stewart Oldfield Subject: Re: Recent DB Publications on Post-Brexit View and Italian Banks thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 to On Jul 15, 2016, at 10:49 AM, Stewart Oldfield < > wrote: Over the past weeks, several post-Brexit referendum issues have been top-of-mind, including: • How has the Brexit referendum result changed our CIO's economic and asset class expectations? • How have we changed our allocations to reflect the post-Brexit referendum environment? • What impact will the Brexit referendum have on the European financial sector, specifically Italian banks? Our CIO office, and DB Research, have released several publications to address these questions. We've attached these pieces and have provided a list with a short description of each. If you have any questions, or would like to discuss our post-Brexit referendum views in greater detail, please feel free to reach out. Updated CIO Strategic Forecasts, Asset Class Views and Asset Allocations: • DB WM — Strategic CIO View — July 2016 o Outlines the recently updated (post-Brexit) WM CIO strategic forecasts and asset class views o Key points include: • Global growth forecasts revised slightly downward Loose monetary policy continues to support fixed income markets Brexit means adjustments to our equity market forecasts, but does not derail them USD strength a continuing theme Oil forecast raised slightly; gold forecast increased more CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086999 CONFIDENTIAL SDNY_GM_00233183 EFTA01385679